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Natural Medicine South Africa

#ATM2024: India dominates herbal supplement exports, boosts health tourism

In 2023, the herbal supplements market revenue hit $51.7bn globally, according to Media, with India emerging as the top exporter, shipping 38,394 units, as per the report.
Source: Pexels

This pivotal insight emerged from this year's Arabian Travel Market (ATM) which highlighted India's emergence as a key exporter. With its reputation for traditional medicine and herbal remedies - this serves to potentially boost health tourism in the country.

Data reveals that India's herbal supplement exports surged from $354.68m in 2015 to $624.48m in 2023.

Additionally, the report underscores that word of mouth predominantly fuels the popularity of these supplements, comprising 46.8% of information dissemination.

Media outlets contributed to this dissemination of information by a mere 7.4% while healthcare professionals had the lowest contribution at 3.9%.

Meanwhile, the report highlights a surge in holistic health awareness, resulting in a 15% sales boost for botanical-based products compared to the prior year. Furthermore, the surge in online herbal supplement sales saw a notable uptick, with a 20% rise in e-commerce transactions, indicating a burgeoning interest in self-care and natural remedies.

Yet, the report pinpoints differing regulatory frameworks as the primary obstacles impeding the ongoing expansion of the herbal supplement market. It concludes that collaboration among stakeholders, including manufacturers, healthcare professionals, and regulators, is crucial to overcoming these challenges and capitalising on opportunities.

Of no surprise, the US leads as the top import market, receiving 12,590 units. The global health supplements market sustained steady growth, boasting a compound annual growth rate (CAGR) of 7.10%.

Indonesia followed India in herbal supplement exports, albeit with a notably lower figure of 1,369 units. Meanwhile, the United States and China secured the third and fourth positions, with 915 units and 421 units, respectively.

About Katja Hamilton

Katja is the Finance, Property and Healthcare Editor at Bizcommunity.
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